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's the kind of environment that incubates what might be the next groupon or grubhub. this week, scott case, one of founders of priceline, hosted a forum on what it takes to launch a startup these days. "when you look at startups, try to network for captial for talent and for customers." one of the attendees, jere mcallister, who created a music media magazine for the ipad called "groovebug," just launched an app with iconic jazz label blue note. "we've partnered with other tech companies and they helped open doors for blue note." mcallister is one of more than a hundred entrepreneurs who see america's future in its startups, not necessarily in silicon valley. "we have the capital and supportive environment for these early-stage companies." the startup america partnership was launched last year. it provides startups with access to corporations, investors and services they need to grow. the latest survey of small businesses shows a slight dip in optimism. overall, the index for the national federation of independent businesses dropped 1/10 of a point to 92.8. behind that number, owners plann
. plus it is dirty, filthy gas to the rescue. california will pollute the environment to bring down crippling gas prices. no bicycles and car pools for them. we'll break it all down. >>> how far would you go to earn a buck? not even a host passing out on air can stop qvc from making a sale. we've got the video and the details. even when they say it's not, it is always about money melissa: first let's look at the today's market headlines a grim imf forecast for the global economy sent stocks sliding down 110 points. nasdaq was the day's biggest loser posting its largest loss since june 25th. earnings season starts off on a good foot. alcoa beat estimates on top and bottom line. shares are getting a nice pop after-hours. >>> government is filing a civil suit against wells fargo. they are accused of reckless behavior issuing federally backed loans. shares of wells fargo fell nearly 2%. >>> all right, our top story today, german chancellor angela merkel arrived in greece today and was met with massive protests. some greeks even dressed as nazis to mock the german leader that is so nice.
question. germany's environment minister believe so, but he says the country has to completely rethink the way it subsidizes renewals. >> with elections due next year, the rising cost of electricity has become an issue. environment minister is calling for a government overhaul of renewable energy. he says current policy favors quantity, not quality. >> we need the appropriate instruments to ensure that the expansion of renewable energy takes place in a steady and predictable fashion, and we want to make renewals competitive on the energy market as soon as possible -- we want to make renewables competitive on the energy market as soon as possible. >> he is also calling on a time line on phasing out government subsidies, and he wants to regulate the pace of the grid, but in germany's greens say the cost of switching to renewable resources are being unfairly distributed. >> stay with us. when we come back, the international community marking the very first girls' state. we will see how schoolgirls in pakistan are showing their support for the 14-year-old activist shot by the taliban. -- m
to the and until there are jobs and certainty in the consumer environment and business environment, we will be going through this for a while until the leadership of our country clears a path and certainty on a long-term basis. >> john, thank you very employ. we'll go to reed, wisconsin after this. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we go into this next phase, you know, a big part of it for us is that there isn't anything on the schedule. >> mitt romney arriving in columbus, ohio. he will be prepping for the debate on tuesday. this is a rematch if you will after scoring very, very well in the debate that many consider the reason why he closed posals not only in ohio and florida and wisconsin where they are close to dead even and tommy thompson joins us, the u.s. senate and cand date virtually even in the polls. tommy, good to have you. where do you think and why do you think for mitt romney, the swing state polls have swung so far back. is it just the debate or the normal reassessment that goes on in the campaign or what? >> severa
the environment is terrible. it's not just banks. we have done this to ourselves. we shot ourselves in the foot. get rid of the wet blanket and we will take off. there was a great article that was reprinted in "the wall street journal" giving president-elect ronald reagan some advice. tell the same positive story over and over and will turn. yet to believe in it. america usually will do the right thing after it has exhausted all other possibilities and i hope we do. if you think washington and business can go to work, the collaboration's, we should have a collaboration. we would double the other and worked round-the-clock but now and has became a war. dodd-frank, health care, so we re-litigate. we should get it right the first time and move on but we did not. >> to the extent there has been a marked absence of collaboration or friction between the worlds of politics and business, you but the lion's share on the political side? >> i would put more on the political side. everyone i know is coming down and asking what they can do for help. it surprised me when someone asked a question, do you want
of the deloitte cfo service. they were asked what their views are on the current operating environment. joining us with more, chief economist at deloitte. good to see you. i suppose we had a record second quarter of declines. >> confidence went through the floor back in june on the result of what's going on in the euro area. you've seen a bit of a bounce. risk appetite up is bit so i think cfos are looking at the same things the equity markets are looking at, qe-3 in the states, ecb bond buying. but the interesting thing is the underlying stock support is getting rather more defensive, they're more focused on cash. if respect. >> so what can he can to in terms of laying confidence?f re >> so what can he can to in terms of laying confidence?espe >> so what can he can to in terms of laying confidence?ct. >> so what can he can to in terms of laying confidence?. >> so what can he can to in terms of laying confidence? >> so what can he can to in terms of laying confidence? >> a lot of concerns relate to things outside the uk, in particular the weakness of the euro area, uncertainty. so there are things
. upon it said the pipeline would have devastated the environment and residents a risk of deadly explosions freed last year, activists and biology professor appeared on democracy now to talk about the project. >> the concern from the community point of view is the ecological damage and the risk the pipeline will pose to over 200,000 people, and is also about the economy, reducing cost of energy we [indiscernible] all of the infrastructure of potential benefits. there is no benefit for the people of puerto rico. economically speaking. >> an east texas, activists protesting the construction of the keystone xl will pipeline are continuing their attempts to block tree clearing efforts for a third week amidst reported crackdowns on journalists. two reporters embedded with the activists were arrested and held overnight before charges against them were dropped. activists say transcanada, the company behind oil pipeline, is paying local police to provide security. two journalists from the new york times were held in handcuffs before being released. activists with the tar sands blockade s
resident security officer eric nordstrom, these incidents paint a clear picture that the environment in libya was fragile at best and could degrade quickly. tonight four republican senators led by john mccain are demanding answers from the cia director and other top intelligence officials in what is becoming an explosive campaign issue. the state department denies it rejected requests for more security, but says house republicans cut $300 million from their security budget. tonight four weeks after the attack, the department gave its first blow by blow account of what was clearly a well organized assault, never a spontaneous demonstration as officials first claimed. brian? >> hearings tomorrow. andrea mitchell with our story. thanks. >>> from pakistan tonight a truly shocking story of brutality against a 14-year-old girl targeted for assassination by the taliban because she dared to stand up and speak out. the world is just now learning about this. and reacting to it in horror. we get our report tonight from our nbc news pakistan based correspondent amna nawaz. >> reporter: she's kno
clear that the external and internal environment wasn't looking favorable. the prolonged eurozone crisis and the possibility of so-called fiscal cliff in the u.s. is set to further send its dent on the exporters which is of course very important to the economy here. industrial activity also fell for a third month in a row and to top it all off, domestic demand is shrinking. retail sales dipped lower as koreans keep their wallets in their pockets, but all of this is in the cards. what surprised was the sharp cuts to growth projections this year and the next. meanwhile the central bank says its inflation target through 2015 to 3.5%, bok prices remaining low, those expected to stand pat until the end of this year and possibly cut once again in the first quarter of 12013. >> rhie, thanks for that. at the same time, the bank of japan minutes out today. members agree that japan's recovery has delayed considerably and some said they were concerned about the yen's strength. there's also fresh evidence of that slowing growth. core machinery orders in august dropped for the first time in three mon
. and yet the military remains an important actor in the north korean political environment, and i think what we're seeing is a government seeking to assure its key constituents and to send a signal to the outside world in the face of what they consider pressure from the south and the government is strong and the national security of the north korea the safe. >> it's given that the south has only increased its missile capacity. >> absolutely. and i think we need to trecks last few months have been very tense on the korean peninsula, and there's been no love lost and the outgoing president is seen as someone who is hostile to the north and that certainly is how the knot paints him. this is very much a political gang waiting for the political senses of december and north koreans are not going to give an inch until they see the new president taking over in january. but for now, as you say, they have every reason to take a tough stance. >> thank you for your time on gmt. let's take a look at some of the other stories making hirnes around the world today. mexican authorities say the leader of
price to perfection. assumes decent economic environment going forward, could political environment and my concern is a lot of issues coming up. obviously the presidential elections coming up and two parties with diametrically opposed views on how to fix fiscal problems. you have the fiscal cliff. there's a good chance congress will do nothing before the end of the year than the european central bank supposedly put a new program in place to help out troubled countries with their debt by buying it in the secondary markets. when you look behind their announcement a lot of the details are missing and finally from my perspective greece is starting to rear its ugly head again. let's say what happens if greece drops out of the euro? my concern is not about greece but what do spanish depositors thing? are we next? is the government going to turn around and give me the old style -- and i will take 60% hit in my savings? does that started deposit run on spanish banks? dagen: you just scared me quite frankly. what is safe? >> what is safe right now? treasuries are fair value at that stock. it
insulated in this environment, they're going after a high income consumer with a decent value proposition. >> michael, obviously gas prices are a real factor here, they tend to sell at a loss, it affected the quarter, this quarter. is it your view that will continue to be at least an influence on results in 2013? >> yeah, that's the thing that oftentimes investors don't recognize that gas does influence costco. oftentimes they strip it out when they're talking a little bit about, when they're talking about what their earnings look like. i think it will be under pressure, although it's hard for me to imagine gas at $5 a gallon doesn't have more downside than upside and a quick comment, if i was unclear, i completely agree with the other guest. i think they are going after a high-end consumer that is trading down, as i think melissa correctly pointed out. they're going for nordstrom's consumer, looking to be more efficient. >> and yet at the same time, michael, just to ram home that valuation point, it's twice as expensive as for example target or walmart in terms of what you're paying for
need. what we need is for the federal government to establish and create an environment where the private sector can flourish. >> talking about earmarks is exactly the kind of craziness we do not need any more. earmarked -- $16 trillion debt. earmarked account for 1/2 of 1% of the federal budget. we are better off, but talking about that is like talking about a drop of water in the ocean. the government does not create jobs. the private sector creates jobs. if you one example, take a look at texas. the people in texas are close to the people in arizona. why and there -- is their economy doing so fantastic? they are consistently ranked as one of the top state friendly to business. what does that mean? they mean lower taxes, low regulation. and not worry about government trading infrastructure. all the government has to do is get out of the way and let the free market to its bank. >> you have been criticized for not bringing home the bacon, not doing enough to get federal money into arizona. how do you respond? >> most of the earmarks, in the transportation bill. that had 6300 e
operations are safe and clean for our communities and the environment. we're america's natural gas. gives you a 50% annual bonus. and everyone likes 50% more [ russian accent ] rubles. eh, eheh, eh, eh. [ brooklyn accent ] 50% more simoleons. [ western accent ] 50% more sawbucks. ♪ [ maine accent ] 50% more clams. it's a lobster, either way. [ male announcer ] the capital one cash rewards card. with a 50% annual cash bonus, it's the card for people who like more cash. [ italian accent ] 50% more dough! what's in your wallet? >>> 48 minutes past the hour. let's get you up to date. here's christine romans. >>> jerry sandusky, the convicted child predator, former penn state football coach still insists he's innocent. he released an audio tape from prison yesterday blaming his conviction on one of his victims and what he called a well orchestrated conspiracy involving the media and penn state. >>> the mexican navy says it has strong indications that it killed the main leader of the zetas cartel, the mexican navy saying it retaliated when it came under attack during patrols in northern mexico ye
as a debate environment? i think this format which is the same format that you saw in the first debate will enable some back and forth and some fireworks. so that's why this debate this week is very interesting. but the town hall debate is next for the presidents -- debate for the presidential debate format in new york. and then you have the foreign policy debate. so it is really romney's debate performance and campaigning this all these battleground states. dagen: what about on the president's side? is it also the most critical thing for him, his debate performance, or are they focused on something completely different? >> well, i think they are focused on the spending and the get out the vote effort. they have an infrastructure that they've spent a lot of money on, and you see he's still out campaigning trying to raise money because there is a machine that costs a lot of money to run, a lot of offices around the country to try to get out those voters on election day. you know, the economy while some -- you all talk about it all the time, some quarters are doing better, like housing p
stocks keep making all-time highs in this environment? >> with us today are sam stovall and our own bob pisani. sam, it's going to come down to earnin earnings, right, which starts tomorrow? >> tomorrow. the bar is not just set low, it's set below, under water. >> below dirt. >> off the lows. capital iq is forecasting a 1.3% deline. it was down to 1.8%. big deal. i think some of the numbers underneath are a little more telling, such as right now the early beat ratio at 58% is below the average of 62%. in terms of guidance, those that are guiding negatively are 3.3 to 1 for those guiding positively. >> that sounds very negative for the stock market. >> well, i think it's baked in right now, or a lot of that is probably baked in. the real question is, whether we're likely to be seeing qe3 as the trough -- >> how can it be baked in if we're sitting at 4 1/2 year highs? how is that baked in? >> exactly. >> i think nothing is really new. what has come out yet that's going to tell us things are a lot worse than we anticipated? materials are expected to show 20% earnings decline. energy down 1
environment where price discovery has been destroyed because the price of money is fake and artificial and not real. >> peter, how are you investing in this environment ten? what are you doing in terms of allocating capital? >> well, you have to -- from the big picture fed perspective, you want to be protecting yourself in non-dollar assets and hard assets and commodities, precious metals, commodities that defends yourself against what the fed is doing. i think earnings will disappoint, not only for q-3, but also the guidance for q-4, so you have to be defensive over the next four weeks. >> everybody talks about the most hated rally. i know i coined that. while money has been coming out of stock mutual funds, there has been money going into etfs and high-yield bond funds. they're not really bond funds. in times of volatility, they act like stock funds. people are seeking alternatives in stock-like instruments. >> bob makes a great point about high yield. we have seen a virtual stampede into high yield. investors have to sell their soul to get 3% today. all is not well on the anniversar
holder today praised the libyan government's response. it's a challenging environment in which to operate but i think we have done pretty well given the circumstances in which we find ourselves and we found ourselves able to move about and do the things that we have wanted to do because of the assistance we've gotten from the libyan government as well as from some of our other allies >> sreenivasan: a u.s. house committee holds a hearing tomorrow on the consulate attack. in pakistan, a taliban gunman shot and wounded a 14-year-old activist known for promoting girls' education. malala yousufzai was hit in the head and neck during the attack in the swat valley region. doctors said the wounds were not life-threatening. yousufzai spoke out on girls' education at a u.n. children's assembly last year. the taliban called her work "an obscenity" in a statement claiming responsibility for the attack. one out of every eight people on earth is going hungry, according to a u.n. report today. that comes to 870 million people, but it's far below the figure of one billion announced in 2009. the u.n. foo
point here is that people are desperate for some kind of growth in a low-growth environment. there's a company even though it is hard to categorize that's had notable growth. here's another company that's a play on the real estate industry. still right now $32.90 to $33. >> i think it is just going to be a couple minutes, folks. bear with us. >> couple minutes, bob. >> we've got a couple of companies very much on the move. i think this linkedin. very overvalued stock on an earnings basis -- >> you like linkedin. >> you want momentum, linkedin lass it. momentum obviously trumps at times valuation. people saying that the quarter could be much better than spefktespefk expected. johnson controls looks like to be the next one that's going to not be able to make the numbers. wells fargo goes buy to hold. europe, we've totally forgotten the fact that europe -- spain did get downgraded. >> it's funny we haven't mentioned that at all today. >> isn't that incredible? that was the dominant theme in europe that perhaps this downgrade is going to cause the spanish to say, listen, we do need the
environment. where in the world are you finding that right now? >> well, it was easier to find it in u.s. stocks early in the year. the process we use with the allocation strategy funds that i manage is to do those three things. we still think the valuations are quite reasonable. but the thing that i'm worried about now is the macro side, that second part. the issue that we've had, we know the economic data has been weaker, and i think what most investors are doing is waiting on the sideline to see just what impact that slowing macro data is going to have on corporate earnings in the third quarter. >> you see the slow down coming or continuing right now, and a lot of cash sitting on the sidelines. nobody is doing anything. >> i think that's right. i don't think there's a lot of getting people to step in. the good news for this market and one of the reasons i'm not overly negative is that we're starting to -- we think that valuations are good and that companies have been managing very conservatively. they're also doing a very good job in guiding investor expectations comfortably lower,
, given the environment we're in, does seem a touch odd. > > so what do you look at that's important? do you look at the payroll numbers? do you look at the participation numbers? > > all of them are important. they all serve and weigh into your forecast. the participation number is important because you need people participating in the workforce to push a country forward. that's at the lowest level it has been in 30 years. so there are fewer people today participating than there have been since 1981 in the workforce. the overall employment number is probably the most respected, the 114,000. that's crucial for the economy. you really need to see that kick up into the 200- to 250,000s before we start making headway into the employment problem that we have right now. > > every month they revise that number, so that will probably be changing soon. > > sure. these all are- not guesses, but there's a lot of deviation around them. and as we saw, i think last year's employment numbers were revised up 384,000 are the latest numbers. > > we'll talk to you in a month to see if we can stop scratchi
environment. persuade me that it is. >> of course. first of all i must mention foreign investors and looking at the greek market, this is a signal of confidence. during this debt crisis, as you are aware, the prices and the stock market, it has been decreased. these are investment opportunities. now the market cap to gdp is a very small figure. compared to the european numbers this six times lower than the european numbers. >> there is a real fear, alice will talk about this everyday, greece will not be will to pay back all the money it owes. it will be forced out of the euro zone, so an investment put in now will be devalued by that much, what would you say to that? >> i believe this was a distracted question, distracted discussion taken place mainly before the elections. now it is something we don't hear from a potential investors on the stock exchange. they believe much more capitalization of the government and the ability of greece to remain in euro. would also have to mention is they don't believe this scenar scenario. neither the government nor the acquisition, for us the greeks and we
and procedures where appropriate in light of the threat environment and whether they were properly implemented. the secretary has asked us to work as quickly and transparency as pot -- transparently as possible. this is a complicated review that will take time. we will be better able to assess the information we have. until then, it is an incomplete picture and, as a result, our answers today will be incomplete. we have always made clear we were given the best information we had at the time. for example, if any administration official, including any career official, were on television sunday, september 16, they would have said what ambassador rice said. the information she had at that point from the intelligence committee was the same that i had at that point. clearly, we know more today than we did after the attack. but we will continue consulting with you throughout this process. i would like to address the broader question that may be on your mind. why is the united states in benghazi when there are real dangers there? this question goes to the heart of america's role in the world. ambassad
into politics out of an ideological background, maybe the academic environment or a writer or some people come out of a practical background. he comes out of a practical business background. the reason i like him as president, this is what we need right now, a practical man. i think president obama is overwhelmed by too much ideology too often and can't see his way through it. i think he has an unrealistic view of the islamic extremist movement. i think it's almost like a fantasy world about it. >> mayor rudy giuliani, good to see you. thank you very much. >> thank you. >>> convicted child sex abuser jerry sandusky is saying in his own words that he didn't do it. a sentencing hearing is now under way in bellefonte, pennsylvania, for the former penn state assistant football coach. armen keteyian file this had report before heading inside the courtroom. >> reporter: jerry sandusky is now inside courtroom number two. just under a little three months ago, he was convicted on 45 counts of sexually abusing ten young boys. he is expected to do what he did not do at his trial, to stand up and profess
corporate tax rate environment. >> well, you made that fairly easy. you ticked down that. but you can go into the details on this. as you know, a lot of those things could get accomplished given the two party duopoly in congress. but many of the issues that you're advocating are positions one or the other holds. so marriage equality, the obama/biden ticket is tfully supportive of that. balancing the budget now you say there is a big chunk of the republican party that advocates that. a lot of your views are being represented, though all just not in the same party. is that a fair statement? >> i think so but maybe not a fair statement from the standpoint that i think both parties give lip service to, for example, democrats give lip service to no military intervention when the reality is, continued military intervention. republicans give lip service to a balanced budget but, gentlemen gee, let's do it in 28 years and factor in growth to make that happen and both parties are debating on who is going to spend more money on medicare when medicare is a budget buster. we need to engage in mutual
. >>neil: it is tough to succeed in that environment when you are of a political tripe. >>guest: they are afraid they will be blacklisted from movies and never get work again. i commend her for coming out and being courageous. it and the tolerance of the intolerant i like to call it. a lot of people are tolerating intolerance. this is a lesson for voters. especially young voters. this is what happens when you come out and you try and endorse someone on the right especially as a william, you are called all the nasty names. it doesn't play well with the republican war on women argument. >>neil: look forward to it. >> this just in, gallup has mitt romney is up, leading the president across the country. four weeks out, making a battle of it in one very super crucial state in this country. customer erin swenson bought from us online today. so, i'm happy. sales go up... i'm happy. it went out today... i'm happy. what if she's not home? (together) she won't be happy. use ups! she can get a text alert, reroute... even reschedule her package. it's ups my choice. are you happy? i'm happy.
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operations are safe and clean for our communities and the environment. we're america's natural gas. >> it is time for spare change. thank you for coming on. >> if this mercedes birthday if you think vice president by then and paul ryan had day he did debate this is brad sherman and howard berman over a federal immigration bill. would this make you less inclined? watch. he will get very mad. >> macho man. he kravis him. do you want a piece of meat? i think it is for show. >> i started doing television staff five years ago. >> it is a tough business. we have to be respectful. >> do you do that in court? >> nose to nose with opposing counsel. >> the post office is raising the price of a stamp on january 27th it will cost 1 penny more. $0.46. why don't they just make it a dollar? >> maybe but you don't get the mail on time and local mail is between three and five days a. >> we do online and we transition. they need to have authorization to deal -- deliver the mail less. >> they will then go and die must be met president -- prison inmates are suing $500 billion because they word denied
provide the permitting under broad standards set by the federal government. that protects the environment and we produce more energy, domestic energy an jobs from this country. melissa: can you tell me physically what takes the process so much longer? is it your filling out pieces of paper you send them in and don't hear back forever? what in the permitting process takes gap 10 days, couple days in one situation and 290 days in the other? what is it? >> melissa, frankly it is federal bureaucracy. it is red tape. it is epa. bureau land management. what they're doing, they have got a very lengthy, extensive and uncertain permitting process that ties up industry for no real benefit that means less domestic oil, less domestic energy and fewer jobs. melissa: so what's the answer? is it no permits at all? is there a way to expedite the process? do you do the permits locally? what's the answer? >> well, that's, i appreciate you asking that question. that's my point. here in the state of north dakota we're a good example. on private lands we get the wells permitted in 10 days. with the legislatio
earnings are not correlated with the macro environment. ubs writes that alexion is a significant double-digit growth driver but uses the orphan drug model where pricing and reimbursement are insulated, the biotech is up a whopping 400% over the past three years. keep in mind this is a speculative takeout target. another standout stock, gilead sciences is up 70% year-to-date, ubs has it as its top large tech biotech pick, it's attractively trading to a discount to the biotech sector, biogen up 50% in the past year thanks to its strong earnings performance and anticipation riding behind its multiple sclerosis drug bg12 which could get approval by year's end. another is buyout speculation. the firms are on the hunt for under the radar biotech firms, bristol-myers among others making big bets. andrew you've been following that as well. >> thank you for that report. lot of beta. see if there's any alpha. >>> in the next hour of "squawk box" former ubs american chairman robert wolf will join us to talk financials, jobs and the election, mr. obama's favorite banker. and later health care, a ma
and create jobs and helping environments. we do a tremendous amount for education and veterans. we have hired, and if you're a veteran in this room thank you very much for serving this country, we have hired 4800 veterans this year in the last 18 months or so. there is this thing called 100,000 jobs which we help starting hired 28,000 veterans and we have done 4500 ourselves. while other people are talking, we are doing. before this program we will do 1000 so we try to participate and to me it's all the same thing, healthy vibrant company, makes it all possible. the dying company, now been it is possible. i will put it in that same thing by the way, people say as an employee or shareholder if i don't make customers happy there is nothing else. if our employees don't do a good job -- it's all important to me. i try to run a fair profit, take care of your own people in your clients. let me go back to the mistake issue one more time. here's a question for you all. we have something like $15 billion in exposure in derivatives and hedging and bouncing around. you could easily tell me get it down.
's. wherever i go i have business people. the regulatory environment. they all say it's terrible. it's not just banks. we have done it to ourselves. shoot ourselves in the foot. get rid of that white blanket. and they're is a great -- printed in the wall street journal. kate president-elect ronald reagan some advice. consistent taxes, regulatory. the same positive story over and over and over, and it will turn. and you have to believe in it. so america is usually going to do the right thing after it has exhausted the possibilities. i'm hoping we do. the important part to me is in washington, if you think that washington and business can go to work with each other and begin, collaboration is what should happen. we should have had collaboration we were in a crisis. every business i know wanted to help. would have pulled together, worked around the clock, but it became a war. we are really getting. so it is another wet blanket. the benefit to make it is right and move on. >> list transition. to the extent there has been a marked absence, collaboration, or significant friction between the worlds of
for reinvestment in a low-rate environment. so that margin unlikely to improve any time soon. but two reinvestments dimon is looking at, one is lower credit borrowers. dimon quoted a cliff created by basel iii that disincentivizes people with a lower score than 680. the other is jpmorgan's own shares. dimon saying the bank will reapply at the beginning of 201 to buy back its shares and should do, quote, substantial repurchasing next year and still hit those bazel three capital targets. finally, on litigation, dimon said he doesn't expect additional reserves to deal bear stearns. he made that quote again, melissa, again about how in future crises, this is setting a bad example for help of big companies like a jpmorgan to actually come in and help here. of course, he's referring to the new york ag suit, and those lingering liabilities there. but wouldn't go any further on that note. >> all right. kayla, thanks for that. let's dig deeper into the banks reporting today. it's wells fargo in addition to bank of america. bringing in thomas alonzo and anthony pell lini of raymond james. it appears to go th
bachmann 20 times over. so it's not exactly an environment conducive for great heroic foreign policy. mam tell your dughters not to grow up to secretaries of state, not now. you want to be secretary of education, not secretary of state. >> rose: (laughs) so what ought to be the foreign policy debate in this campaign? >> well, i tell you what i've been focused on and i think it's about making our own country strong, charlie. making our own country an object of emulation. because that's the greatest thing about america. we have the power of emulation, people will follow and copy us in a way that china and russia can't. china has to bully or buy people and so does russia. d think getting our own fiscal house in order, continuing to make our universities and school it is envy of the world which they once were and still should be and can be, making our industry and new products, that's the strongest thing we have right now because we live in such an interdependent world now charlie. it's so different. we live in a world where first of all our friend -- our friends collapsing hurts us so much m
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